Read this blog to know more about all the documents that you would need to file TDS online in India.
TDS is an acronym for Tax Deducted at Source. It is a type of advanced tax system for expenses of professional fees, interest, salary, dividends, and royalty, amongst others. In addition, it complies with the tax slabs decided by the government of India. TDS is a tool used to reduce the tax evasions through the TDS return filing.
However, we are not going to go into the nooks and crannies of the TDS, but we are here to help you with the TDS Filing and the documents you will need to file TDS Online quickly. But before you provide details about the files, let’s learn more about the categories of TDS Filing first.
TDS Return Filing: Categories to keep in mind
The Government of India has divided the TDS return filing for the employers into three categories. These categories are for the employers filing the TDS return and holding a TAN Number. The TAN is an acronym for Tax Collection and Deduction Account Number. These categories are:
- Salary for an Individual
- Income from Insurance Commission
- National Saving Scheme Payment.
Documents required for the filing of the TDS Return
We once mentioned that the TDS filing through the electronic method got into play in 2005, and there are certain documents you need to keep handy while filing for it. There are some general documents, and then you need specific ones for the different types of TDS Filing like for property, salary, Capital Gains, etc.
Documents for TDS Return Filing – General
- TDS Certificate
- Tax Payment Challans
- TAN Details
- PAN Card Details
- Notice Details from the Income Tax Department of India – Details of the Original Return you are responding
- All Bank Account Information
- Date of incorporation of the business
- No. of transactions for filing TDS returns
Additional Documents for TDS Return Filing – Salary Income
- Form 16
- Salary certificate
Additional Documents for TDS Return Filing – Interest Statement
- Bank’s TDS Certificate
- Bank Statement/passbook for interest on savings account for RD
- Interest Incom Statement for FD
Additional Documents for TDS Return Filing – Property
- Property Tax or Rent Details
- Interest Certificate issued by the bank for housing loan
- Co-owner details, if any
- Address proof of the property
Additional Documents for TDS Return Filing – Profits from Capital
- If you are trading in shares, you need a reserve statement
- Sales and purchase deed with the stamp of the property for land or building
- If you want to gain immunity from the capital gains, you need the re-investment purchase deed
- Capital assets need cost of purchase, cost of improvement, and value of the sale
- Documents for the cost of improvement
- Capital Gains Account Scheme for the details of investment
- Details of expenses that have been incurred on transfer
Additional Documents for TDS Return Filing – Tax Savings Investments
- Tuition Fees Receipts
- Home loan repayment certificate
- PPT Passbook copy
- Life and Medica Insurance Payment Receipt
- FS Receipts
- Philanthropy Receipts (Donation)
- Deposit receipts of senior citizen saving scheme
Additional Documents for TDS Return Filing – Miscellaneous
- Rent agreement for plant and machinery gave on rent
- Recipients of any income from winning the lottery
- PPF passbook for interest
- Interest Certificates on bonds
- Dividend warrants.amounts
- Details of accrued interest during the year
- Bank passbook/statement or interest income certificate
Form 26 AS
Form 26AS is a tax form that summarizes all of your income and tax payments over the year. It also includes information about refunds, taxes you’ve paid through withholding, advance payments on your tax liability, and more.
Form 80 for Investments
Section 80C is the best section for the taxpayers as it allows to reduce taxable income by making tax-saving investments or incurring eligible expenses. The maximum deduction is up to ₹1.5 Lakh every year from the taxpayer’s total income. It can be availed by individuals and HUFs but not by companies, partnership firms, or LLPs.
In case of Revised Filing of TDS Returns
When TDS is made online, but there are errors in the details of challan, PAN card, or PAN number, then the amount credited as tax will not be reflected in Form 16A: https://incometaxindia.gov.in/Pages/tax-services/form-16A-download-deductor.aspx/Form16/Form 26AS. In this case, you have to file a revised TDS return by using two files – a file containing consolidated details of deductions and one is a justification report containing information on errors filed in return.
Deadlines – Time Frame for Filing TDS Refund and Due Dates
You are eligible for the TDS refund if you pay your TDS timely and file the TDS Return timely. The refund on the excess payment than the actual tax payable. Your refund will be processed within 3-6 months of the Online TDS Return. If you get late from the due date of the online TDS return, you will suffer two penalties
- The late fille fee – U/s 2 and 234E
- Non-Filling Penalty – U/s 271 H
On the other hand, you have a specific time frame for the tax payment. There will be a due date for each quarterly submission that you need to adhere to for the Filing of the TDS Return. We, at VakilSearch, have integrated Google Calendar with the predefined compliances and marked the dates for every month. It will help you to file the TDS on time without any hassle of remembering every date of the filing.
You will get a push notification when the due date is approached. It will help you to file the TDS Return in advance and avoid the late fees and penalties.
Key Takeaway
That brings us to the closed of the article with lots of information for the documents, last dates, due dates, and late filing. With all the documentation kept handy and the due dates pinged to your calendar, you can file the TDS returns without any hassle.
Vakilsearch is constantly supporting businesses like your sot file TDS Returns quickly. All you need to do is reach us by filling out the form and let us make your TDS Filing easy. Our experts are quick with the eTCS filing methods and provide you with a list of documents for your to keep handy before starting with the process.
It will allow you to go with the flow of the eTCS filing without having to aimlessly search for all the documents. Keeping all of it with you in the first place is indeed the key here.
And if you have missed the due date and reach out to us, we will guide you through the late filling form and penalty to reduce the damage on the TDS Returns and Refunds.
However, you should convey that information before we go and start filling out your form. Transparency is appreciated and always welcome here.
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